SERAP asks Tinubu to probe alleged ₦5.9bn spent on NNPC rebranding
The Socio-Economic Rights and Accountability Project has urged President Bola Tinubu to order an investigation into the alleged spending of about ₦5.9bn on the rebranding of the Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company Limited.
In an open letter dated March 14, 2026, and signed by SERAP’s deputy director, Kolawole Oluwadare, the organisation called for full transparency over the reported expenditure.
The group asked the president to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, along with anti-corruption agencies, to investigate the spending.
“SERAP urges you to urgently direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly investigate the alleged expenditure of about ₦5.9bn reportedly spent on the rebranding of the Nigerian National Petroleum Corporation to the Nigerian National Petroleum Company Limited,” the letter stated.
SERAP also called on the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission to identify the officials who approved the payments and the contractors who received the funds.
“SERAP urges you to direct the EFCC and ICPC to identify the officials who approved and paid the amount, and the contractor(s) who collected the money, and to invite them for questioning,” the organisation said.
The group further urged the anti-corruption agencies to examine the procurement process for the project to determine whether it complied with existing financial regulations and procurement laws.
It added that anyone found responsible for wrongdoing should face prosecution and any misused public funds should be recovered.
“SERAP urges you to direct Mr Fagbemi and the EFCC and ICPC to ensure that those suspected to be responsible for any wrongdoing are brought to justice if there is sufficient admissible evidence, and that any public funds that may have been misused or mismanaged are recovered and returned to the national treasury,” the letter said.
According to SERAP, the national oil company reportedly paid ₦2.9bn as incorporation expenses from petroleum product proceeds, while National Petroleum Investment Management Services charged another ₦2.9bn against crude oil revenue during the transition of the company into a limited liability entity.
“According to reports, about ₦2.9bn was reportedly charged as incorporation expenses from petroleum product proceeds, while another ₦2.9bn was charged against crude oil revenue by the National Petroleum Investment Management Services during the transition of the company into a limited liability entity,” the letter added.
SERAP said the combined amount amounted to about ₦5.9bn spent on the rebranding and corporate transition process.
The organisation argued that probing the expenditure would help strengthen transparency and accountability in the management of public funds in the petroleum sector.
“Investigating the alleged spending of the ₦5.9bn would help promote transparency and accountability in the management of public funds and strengthen public confidence in government institutions,” it said.